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POET Technologies Signs Manufacturing Agreement with Globetronics in Malaysia

Dec 23, 2024 - financialpost.com
POET Technologies Inc. has signed a Master Agreement, an Optical Engine Purchase Agreement, and a Deed of Consignment with Globetronics Manufacturing Sdn. Bhd. (GMSB) to manufacture optical engines in Penang, Malaysia. This partnership involves the installation of wafer-level process equipment at GMSB's facility, with POET absorbing the costs. The agreement covers a three-year period and includes a project plan for the start-up of the consigned tools. Additionally, Globetronics Technology Berhad has allocated approximately US$1.7 million for capital expenditures related to this manufacturing effort over the 2025-2027 period.

POET also provided updates on its acquisition of a minority equity interest in its joint venture in China, Super Photonics Xiamen (SPX), and its US$25 million public offering, which has been fully subscribed by a single institutional investor. The acquisition is expected to conclude shortly, with definitive agreements anticipated by December 31, 2024. The company plans to maintain SPX's operations while establishing a wafer-level assembly operation in Malaysia, implementing its "China Plus One" strategy. The public offering's closing is expected after the SPX acquisition, pending regulatory approvals.

Key takeaways:

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  • POET Technologies has signed a manufacturing agreement with Globetronics Manufacturing Sdn. Bhd. in Malaysia to produce optical engines.
  • The company is acquiring a minority equity interest in its joint venture, Super Photonics Xiamen, from Quanzhou Sanan Optical Communication Technology Co., Ltd.
  • POET's recent US$25 million public offering has been fully subscribed by a single institutional investor.
  • POET's Optical Interposer platform aims to integrate electronic and photonic devices into a single chip, targeting AI systems and hyperscale data centers.
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